Subject: Re: Howard Marks - It is 1997
“So he is saying we are still in the "early" stages of bull so invest in my "credit" funds which are safer than stocks.”

He and Rick Reeder make reasonable arguments wrt a likely 6-7% return in high yields without too much risk. Bonds are honestly not my priority at all, but that risk-adjusted return seems pretty reasonable. Judging by his memos and talks, he seems quite authentic and relatively unbiased imo. I appreciate his general market commentary from 30,000 feet.